Detailed market overview & insights “IBSViews” from our industry experts. This also includes six broad types of cyberattacks, cyber risk mapping for financial services sector, examples of recent cyberattacks, statistics on spending on cybersecurity globally and by some key players, key drivers and challenges, and recent investment activity in the sector.

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If you are a Bank Tech team member, make the right supplier selection by reading this report. If you are a Supplier, understand the market better and be more competitive. If you are a Consultant, advise your clients more knowledgably. And if you are an Investor, use this to make the right investment decision.

Cybersecurity in Financial Services report serves as a primer for anyone wanting to develop an understanding of the current cybersecurity landscape and why it has exploded in recent years. This report introduces the reader to some of the key types of cybersecurity threats and risks these pose to the banks as well as users. IBS Intelligence, as part of its endeavor to cover the latest in fintech, has interviewed some key suppliers, through its flagship IBS Intelligence Journal. The report also carries excerpts of these exclusive interviews and case studies of some of these suppliers.

The global financial services sector is increasingly using information technology (IT) to make workflows more efficient. However, in the race to embrace the latest digital technologies, financial services companies have not been paying enough attention to IT infrastructure security, including confidential customer data. The increasing number of channels, as well as integration with third-parties is also leading to an increase in the number of attack surfaces, as well as the complexity of attacks. In 2016, cybercrime was reported as the second most reported economic crime.

Cybersecurity is no longer just about firewalls and off-the-shelf anti-virus software. With increasing access to digital content and use of mobile applications, the breadth and depth of cybersecurity has evolved significantly. Vendors attempt to offer most resilient cybersecurity solutions, often integrating advanced technologies such as artificial intelligence (AI) and cloud computing, in order to enable quick and accurate threat detection and mitigation.

This report explores the current state of cybersecurity landscape in the financial services space, the implications it is likely to have on users, banks, and the regulators, and the crucial role it is expected to play in shaping how banks will harness technology securely in the future.

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